WISE Money Transfer Tutorial - How To Use Wise

what's going on my name is Simon and in this video I'll walk you through step by step how to transfer money using wise now I've made a video about wise about 2 and a half years ago back then it was called transfer wise and in that video I explain exactly how wise works exactly and how they're able to charge much less in conversion fees and transaction fees than your Traditional Bank so if you're interested in learning more about how wise works I'll leave that particular video up the cards and also Down Below in the video description now in the video you're watching right now I'm going to simply walk you through how to sign up for wise and how to carry out an international money transfer with the lowest fees possible now to sign up for wise for the first time you're going to need some kind of ID document because you're going to go through identity verification so make sure you have your driver's license your passport or your ID card ready when you go through this process then I also recommend to use the first link Down Below in the video description to sign up for wise if this is the first time using this platform this is my personal referral link and by using that link you'll get a free transfer up to a certain amount so if you want to save a bit of money definitely make sure to use that link so that referral link Down Below in the description will take you to a page that looks something like this where you can see that you'll get a fee free transfer of up to 600 Swiss Franks when you use this sign up page now the reason it says Swiss Franks is because I live in Switzerland but don't worry this free transfer will also apply to any other currency that you want to transfer so first we have to create our wise account so let's just type in your email address right here and click on claim your fee free transfer then here we can choose between a personal account and a business account so if you're going to use wise for your business then choose business account and otherwise choose personal account here simply choose the country where you live for me Switzerland is correct so I just click on continue then we have to verify our phone number so simply type it in here and click on send verification code once you have the code simply paste it in here and click on submit and now we're going to have to choose a password for our new wise account so let's type it in here and click on continue great so that has now created our new wise account where we can see three options now for now let's not click any of these options let's first go to our wise Account dashboard by clicking on the decide later link down here so this is what you're going to see every time you log in to your wise account this is basically the wise dashboard where you can see an overview of your accounts so you can open different currency accounts which are very useful if you want to spend abroad with different currencies so you don't have the very high conversion fees that that you're used to with your regular Bank you can also order the card by clicking on cards here and then you can basically use the wise credit card or debit card which also you can save a lot of fees with because it's going to uh simply use your wise account to convert the different currencies however this tutorial is about how to transfer money abroad and the way you do that is by clicking on the send money button here on the top left and now here we can enter all the details for our money transfer the first thing we want to decide is what currency we want to send in and what currency the recipient should get the money in so if you want to send the money let's say in euros and the recipient should get the money in Euros then you want to click on same currency and choose the currency here however most people watching this video probably want to save some money on conversion fees so you probably want to go with the international option and choose a different currency to receive compared to what you are sending so as an example let's just send ,000 and let's just have the recipient get the money in British Pounds so the next thing we want to decide is what kind of transfer we want to use so when we click on this Arrow here we have three different options the fast transfer the lowcost transfer and the easy transfer so the fast transfer you're going to be able to pay pay with a debit or credit card which makes everything a lot quicker however you're going to have to pay more in fees then we have the lowcost transfer which means you're going to have to manually send the money from your bank account in Euros to the bank account of wise which is also in euros and then they're going to send the money from their British pounds account to the recipient account that you can enter in British Pounds so this is going to be cheaper because there are no credit or debit card fees then you have the easy transfer which means you're going to be sending from your bank with an online payment so this apparently also has a bit of a higher fee um so personally I usually recommend the lowcost transfer especially if you're not in a hurry because that will save you some fees now when we change around the currencies here you can also see that sometimes it will uh be you're going to be have different options here so for example here we can see the advanced transfer which means which you can have to choose when you have a in a bank account which is in British pounds but the bank account is not in the United Kingdom then you're going to have to choose the advanced transfer however uh if you can simply use the lowcost transfer which is the cheapest option so let's go back to the currencies that I wanted to use here Euros in British pounds then here on the next line we can see that there is a discount applied if you can see that then you have probably used my referral link because this is the um free transfer up to a certain amount then um this discount will be deducted from the transfer fee and so this will be the fee that you're going to have to pay3 u41 then this fee is going to be deducted from the €1,000 that you'll be sending so the amount that will be sent eventually is going to be the 900 and 6959 and you can see the conversion rate here which obviously is changing uh day by day you can also click on the conversion rate and then you can see how the conversion rate developed over the last couple of months so you can see here how long this rate will be guaranteed this also depends on the currency you choose sometimes it's kind of like long like 53 hours other times it's just 2 hours so um just keep that in mind and then um once everything looks good we can click on continue then again we have to choose between personal and business so if this is a business transaction choose business otherwise you can choose personal then we're going to have to enter our personal details the reason they ask for your details is because wise is a regulated financial company and to be able to handle your money transfers they do have to ask for your personal details and verify your identity so simply type in your details here and then click on continue then we have to choose who we are sending money to so in my example case here let's say I'm sending money to somebody else so I'm going to choose someone else and then here we have to enter the details of the bank account that should receive the money so first let's type in the email of the recipient so that the recipient will also get informed of the money transfer and then you can either if you don't know their Bank details you can untick this option and then they will send an email to them and ask them to enter their Bank details otherwise if you know the bank details simply tick this box again and then you can find some different options right here so depending on the currency that you've chosen you're going to find different options here now for British pounds we can either send it to a local bank account in the UK or if you don't have one then we can can use an iban number for International Bank account personally I don't have a local bank account so I'm going to use the iban option and enter this number here so let's say the name of the recipient is something random Sam Smith and then let's paste in the IB number and click on confirm and then we also have to verify our identity again this is something that wise has to do because they are a regulated financial company so the easiest way way is to Simply click on get link by email or scan a QR code when you click on the link that you get by email you'll see instructions to scan in your ID document and also your pH so they can verify that is actually you and when you click on scan QR code you can just scan in this QR code with your camera and then you'll get directly redirected to the process where you can start the verification process once the verification is completed you also need to choose a reason for the transfer you can simply choose other here and then click on submit now before we confirm this transfer we can take another look at the summary here to make sure everything is correct and then click on confirm and continue then again here we can see the different ways on how we can transfer the money so the different lowcost transfer options the fast transfer options and the easy transfer options now these options vary depending on what kind of currencies you're sending and what currencies should be re received and by default we have set it to manually transfer the money from your bank which is the cheapest option in my case and then you also want to check here where it says should arrive and then you can see the day here currently um it's Wednesday here and it should arrive by Friday so this should take two days sometimes it's uh even in the same day so again this really depends on what you enter in the details for your transfer and what you can do if you're really in a hurry is click on debit or credit card and see if this day changes and if you're okay with paying a higher amount so with the higher fees here for me it doesn't really change so even if I was in a hurry I would still choose the manual bank transfer once you've chosen your payment method click on continue to payment and then here we can see a disclaimer that wise won't be able to take money from your bank automatically meaning you're going to have to manually transfer the money over from your bank account so that wise can actually wire the money to the bank account that you have entered as the recipient account so let's click on I understand then I'm going to leave this checked yes I'm the account holder and click on continue then choose how you want to make your bank transfer online banking telephone banking or bank branch I'm going to Simply choose online banking and click on continue to our bank details now we are at the last step which is the most important one because here we can now see the bank details of the wise account where we need to send the money to to initiate our money transfer because we have chosen to send the money in Euros they have sent us or they give us their Euro bank account here we can see the iban number where we need to send the money to and then once they receive the money they will be sending it in the currency that we have chosen to the recipient's bank account so make sure you use the you enter the reference number that you can see here when you initiate the transfer to this bank account and enter all of the details you see here again the details that you can see depends on the currencies that you have chosen here you can also see when they need to receive the money so that the rate that you have been given for converting the currencies is actually guaranteed so once you have noted this down or um have taken a screenshot let's click on either I've made my bank transfer if you've already made your bank transfer you can also click on I'll transfer my money later if you want to do it later or cancel this transfer if you decided not to carry out this transfer let's say I've made my bank transfer and this will take us back to our wise dashboard where under transactions we should be able to see the money transfer we have just started then when you click on that money trans transfer you can see all the details so you can see exactly when we've set up this transfer and that the money is currently on its way to wise because we have said that we've already paid the money then when the money should be received in the wise bank account and when wise is intending to pay out the British pounds that we have chosen to the recipient bank account and then when the money should arrive in the final bank account of our money transfer if you want to cancel the money transfer you can just click on cancel here or you can also share with this information with the recipient by clicking here and then either copy a link or share this via email and that's it for this video leave a like if you found it useful thanks for watching